$230 billion wiped out as Labor's housing slump sends values tumbling

News24 host Peta Credlin claims Labor's budget has triggered a housing slump that has wiped $230 billion from property values. “If you think it's hard to be a first home buyer, try watching the value of your home slide into freefall,” Ms Credlin said. “That's what's happening as Australia is hit with a once-in-a-generation housing slump as a result of catastrophic tax changes in the recent May budget. “With news today that $230 billion has been wiped off property values, across the board, meaning some of us might have a home that is already in negative equity. “Embarrassingly, Labor's Assistant Minister Matt Thistlethwaite exposed himself as not knowing the difference between negative equity and mortgage repayment defaults. “Labor ministers wanting to assure us that house price falls are a good thing, that everything will rebound, are no comfort at all when one of their own doesn't know what a term as important as negative equity even means.”